GBP/USD Signals Update
Yesterday’s signals gave a profitable short trade off the rejection of 1.5248.
Today’s GBP/USD Signals
Risk 0.75% per trade.
Trades may only be taken between 8am and 5pm London time today.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5248.
* Place the stop loss 1 pip below the local swing low.
* Adjust the stop loss to break even once the trade is 25 pips in profit.
* Take off 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to ride.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.5172.
* Place the stop loss 1 pip below the local swing low.
* Adjust the stop loss to break even once the trade is 25 pips in profit.
* Take off 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to ride.
Short Trade 1
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.5363.
* Place the stop loss 1 pip above the local swing high.
* Adjust the stop loss to break even once the trade is 25 pips in profit.
* Take off 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to ride.
GBP/USD Analysis
The resistance level close to the psychologically key number of 1.5250 held up well before the FOMC release and appears that it may well now have comfortably flipped over to have become support now that the price has broken out of its previous fairly narrow range. Therefore I am comfortable looking for a long trade there today.
The GBP is one of the most relatively strong currencies against the USD at the moment.
Regarding the GBP, there will be a release of U.K. Retail Sales data at 9:30am London time. Concerning the USD, there will be a release of Building Permits data at 1:30pm, followed by the FOMC Meeting Minutes at 7pm.